An Unpaid Student Loan Can Turn into a Wage Garnishment
If you thought the price of a college education was steep, it may be the least of your problems. As college tuition continues to rise, so do the amount of graduates and former students who are unable to pay off their student loans. The results could be financially disastrous. Consider this alarming statistic. The average student loan for a someone who graduates in 2016 is $37,172. Failure to make payments for 270 days can result in wage garnishments. When you consider many people live paycheck-to-paycheck, it is an urgent issue that must be addressed.
A wage garnishment is when the Federal Government takes out a percentage of your earnings to pay for tax or government liability. The government will continue to deduct money from a person’s paycheck until the obligation is fulfilled or a release has been issued. Although this may sound like a hopeless situation, there are some important factors to understand. First, the Federal Government is not looking to put those in outstanding student loans into further financial ruin. The government does not just suddenly decide to garnish a person’s wages. It will provide plenty of opportunity for people to pay off their student loans. In addition to wage garnishments, unpaid students loans can bring other severe consequences including:
- Lost student aid eligibility
- The Federal Government can request an employer to withhold up to 10 percent of a paycheck to repay student loans
- The Government can seize your entire tax refund
- Damaged credit rating
With so much at stake, the best solution is to seek help from an experienced wage garnishment attorney. Fort Lauderdale is filled with countless people who are struggling to pay off their student loans. A knowledgeable tax lawyer can provide skillful negotiation to skills to place clients in the best position to succeed. They can also help gather, organize and present paperwork along with the proper documents needed to resolve the problem.
If you are currently struggling to pay student loans, it is important to contact the loan servicer. Before a garnishment can take place, the Department of Education must provide a sufficient notification. A Fort Lauderdale wage garnishment lawyer can protect your rights. Each debtor has the opportunity to request a hearing to challenge the amount of debt or to negotiate a suitable repayment schedule. When you are buried in thousands of dollars of student loan debt, it is vital to have a skilled advocate in your corner.
Over the years, attorneys Ira Zuckerman have successfully helped countless clients avoid a wage garnishment in Fort Lauderdale and go on with their lives. They understand the stress and penalties you face. From the time of your legal consultation, they will guide each client through the legal process every step of the way. A wage garnishment is not only humiliating, it can ruin your financial future. The key is to put yourself in the best position to succeed. Take the first step to regaining your peace of mind and freedom. Contact the Law Office of Zuckerman Law, LLC and schedule a consultation with an experienced Fort Lauderdale wage garnishment lawyer today.